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    SEC Form 11-K filed by Applied Industrial Technologies Inc.

    6/26/25 10:26:26 AM ET
    $AIT
    Industrial Specialties
    Consumer Discretionary
    Get the next $AIT alert in real time by email
    11-K 1 a11-k12312024.htm 11-K Document




    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549


    __________________________________

    FORM 11-K
    ANNUAL REPORT
    PURSUANT TO SECTION 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

    _________________________________


    [X]    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

            For the fiscal year ended December 31, 2024.

    [ ]    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

            For the transition period from _______ to ______.

        Commission file number 1-2299

    A.    Full title of the plan and the address of the plan, if different from that of the issuer named below:

        Applied Industrial Technologies, Inc.
        Retirement Savings Plan

    B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

        Applied Industrial Technologies, Inc.
                    One Applied Plaza
                    Cleveland, Ohio 44115-5056





    Financial Statements and Exhibit(s) (enclosed)

                                        
        (a)    Financial Statements                

            Report of Independent Registered Public Accounting Firm
            
            Statements of Net Assets Available for Benefits
                As of December 31, 2024 and 2023
            
            Statement of Changes in Net Assets Available for Benefits
                For the Year Ended December 31, 2024
        
            Notes to Financial Statements                    

            Supplemental Schedule                                 
                    

        (b)    Exhibit(s)

            23 Consent of Independent Registered Public Accounting Firm

    SIGNATURES

            Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.
                            
    APPLIED INDUSTRIAL TECHNOLOGIES,
    INC. RETIREMENT SAVINGS PLAN
    By: Applied Industrial Technologies, Inc., as Plan Administrator
    By: /s/ Kurt W. Loring
    Kurt W. Loring
    Vice President-Chief Human Resources Officer
    Date: June 26, 2025











    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN


    Report of Independent Registered Public Accounting Firm

    Financial Statements
    For the Years Ended December 31, 2024 and 2023

    Supplemental Schedule
    As of December 31, 2024








    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    TABLE OF CONTENTS

    Page
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    1
    FINANCIAL STATEMENTS:
    Statements of Net Assets Available for Benefits
    As of December 31, 2024 and 2023
    2
    Statement of Changes in Net Assets Available for Benefits
    For the Year Ended December 31, 2024
    3
    Notes to Financial Statements
    4
    SUPPLEMENTAL SCHEDULE:
    Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)
    December 31, 2024
    9





    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


    To the Plan Administrator and Plan Participants
    Applied Industrial Technologies, Inc. Retirement Savings Plan
    Cleveland, Ohio

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of Applied Industrial Technologies, Inc. Retirement Savings Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

    We have served as the Plan’s auditor since 2024.

    /s/ BOBER, MARKEY, FEDOROVICH & COMPANY
    Akron, Ohio

    Date: June 26, 2025

    1

    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
    AS OF DECEMBER 31, 2024 AND 2023


    20242023
    Assets:
    Investments at fair value$848,339,428 $766,270,520 
    Participant notes receivable8,547,871 7,944,158 
    Cash5,430,418 — 
    Net assets available for benefits$862,317,717 $774,214,678 
    See notes to financial statements.


    2

    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
    FOR THE YEAR ENDED DECEMBER 31, 2024



    2024
    Additions to net assets attributed to:
      Contributions:
        Participants$32,848,460 
        Participants' rollovers7,295,766 
        Employer5,902,980 
            Total contributions46,047,206 
      Investment Income:
        Interest, Dividends, and Other13,791,585 
        Net realized and unrealized gains in fair value of investments134,154,568 
             Total investment gain147,946,153 
      Interest on participant notes receivable650,445 
    Total additions194,643,804 
    Deductions from net assets attributed to:
       Distributions to participants(105,919,387)
       Administrative expenses(621,378)
              Total deductions(106,540,765)
    Net increase in net assets88,103,039 
    Net assets available for benefits:
    Beginning of year
    774,214,678 
    End of year
    $862,317,717 
    See notes to financial statements.




    3

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS
    YEARS ENDED DECEMBER 31, 2024 AND 2023


    1. DESCRIPTION OF THE PLAN

    The following description of the Applied Industrial Technologies, Inc. Retirement Savings Plan (the “Plan”) is provided for general purposes only. Participants and users of the financial statements should refer to the Plan document for more complete information.

    General - The Plan was established for the purpose of encouraging and assisting eligible domestic employees of Applied Industrial Technologies, Inc. and its subsidiaries (the “Company”) to provide long-term, tax-deferred savings for retirement. The Plan is subject to reporting and disclosure requirements, minimum participation and vesting standards, and fiduciary responsibility requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”).

    Administration - On January 1, 2025, the record keeper and trustee for the assets of the Plan switched from Principal Trust Company ("Principal") to Charles Schwab Trust Bank ("Schwab"). The Plan is administered by the Company. The Company's powers and duties relate to making participant and employer contributions to the Plan, establishing investment options, authorizing disbursements from the Plan, and resolving any questions of Plan interpretation.

    Participant Accounts - Each participant's account is credited with the participant's contributions and allocations of (a) the Company's contributions and (b) Plan earnings (losses), and (c) administrative expenses. Allocated expenses are based on participant contributions, account balances, or can be per capita, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested portion of their account.

    Participation and Contributions - All eligible employees may participate in the Plan upon their hire with the Company. Eligible employees may elect to make pre-tax or after-tax contributions to the Plan ranging from 1% to 50% of compensation, subject to limitations under the Internal Revenue Code ("IRC"). Highly compensated employees are restricted to maximum contributions of 15% of compensation. All newly eligible employees are automatically enrolled into the Plan with an initial contribution rate of 4% after 30 days of employment if they have not already made an affirmative election to contribute to the Plan or have not made an election to opt out of contributing.

    The Company may make additional discretionary matching contributions limited to 50% of the aggregate participant pre-tax and after-tax contributions up to 6% of the participant's eligible compensation for that period. Employer matching contributions are paid each pay period and the participant must be employed during the period to receive the match. The employer matching contribution was suspended in July 2024 but reinstated during the first quarter of 2025.

    The Plan permits catch-up contributions for participants who are age 50 or older and defer the maximum amount allowed under the Plan.

    The Plan provides for rollover contributions (amounts distributed to participants from certain other tax-qualified plans) and transfer contributions (amounts transferred from certain other tax-qualified plans) by or on behalf of an employee in accordance with procedures established by the Company.







    4

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS
    YEARS ENDED DECEMBER 31, 2024 AND 2023


    Investment of Contributions - The Plan provides that, in accordance with the investment objectives established by the Company, the trustee of the Plan shall hold, invest, reinvest, manage and administer all assets of the Plan as a trust fund for the exclusive benefit of participants and their beneficiaries. Participants elect investment of matching and pre-tax contributions in 1% increments to any of several investment funds or options. The portion of the Plan that is invested in the Applied Industrial Technologies, Inc. Stock Fund is intended to be an Employee Stock Ownership Plan (“ESOP”) under IRC Section 4975 (e)(7) and ERISA Section 407 (d)(6).
    Participants may elect to change their investment elections as to future contributions and may also elect to reallocate a portion or all of their account balances among the investment choices in increments of 1% of the total amount to be reallocated. All such elections are filed with the trustee of the Plan and become effective daily.
    Vesting and Distributions - Each participant is immediately and fully vested in their participant contributions and earnings thereon. Participants vest in employer contributions at a rate of 25% for each year of eligible service, becoming completely vested after four years, or at death, termination of employment due to physical or mental disability (determined by the Company upon the basis of a written certificate of a physician selected by it), or normal retirement as defined in the Plan.

    Upon termination of employment, participants may receive lump-sum or installment distributions of their vested account balances as soon as administratively possible. Distributions are made in the form of cash. The Plan permits hardship withdrawals, if the hardship criteria are met, or in-service distributions at age 59 1/2. Hardship withdrawals and in-service distributions can be taken from participant rollovers, salary deferrals, and catch-up contributions.

    Forfeitures - Forfeitures of non-vested amounts are used to first reduce future matching employer contributions and second, to pay eligible plan expenses. The Company used approximately $809,000 from the forfeitures to offset contributions for the year ended December 31, 2024. The balance in the forfeiture account was approximately $165,000 and $0 as of December 31, 2024 and 2023, respectively.

    Participant Notes Receivable - Participants may borrow (from their pre-tax contributions, rollover contributions and transferred contributions) a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of the aggregate sum of the participant's accounts. Participant notes receivable terms generally range from 1-5 years or up to 10 years if used for the purchase of a primary residence. Participant notes receivable that originated from merged plans are also reflected in participant notes receivable in the Plan's financial statements; these participant notes receivable are to be repaid to the Plan in accordance with their original terms. Participant notes receivable are collateralized by the balance in the participant's accounts and bear interest at market rates prevailing at the time the participant note receivable originated. Principal and interest are paid ratably through bi-weekly payroll deductions. Funds cannot be borrowed from Company contributions.

    Plan Termination - The Plan was adopted with the expectation that it will continue indefinitely. The Company may, however, terminate the Plan at any time and may amend the Plan from time to time. In the event of termination of the Plan, all participants will immediately become fully vested in their accounts.

    Tax Status of the Plan - The Plan obtained its latest determination letter dated July 12, 2017, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC. Although the Plan has been amended since receiving this determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. The Plan Administrator regularly works with ERISA Counsel to ensure the Plan's operations remain in compliance. Therefore, no
    5

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS
    YEARS ENDED DECEMBER 31, 2024 AND 2023

    provision for income taxes has been included in the Plan's financial statements. The Plan is no longer subject to income tax examinations for the years prior to 2021.

    Party-in-interest Transactions - The Plan invests in shares of the Company's common stock. The Company is the Plan sponsor; therefore, these transactions qualify as party-in-interest transactions as defined under ERISA guidelines. For the year ended December 31, 2024, transactions involving the Company's stock included sales of approximately $33,900,000 and purchases of approximately $6,000,000.

    2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The following is a summary of the significant accounting policies followed in the preparation of the Plan's financial statements.

    Basis of Accounting - The accompanying financial statements have been prepared on the accrual basis of accounting.

    Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

    Valuation of Investments - Investments are recorded at fair value on the Statements of Net Assets Available for Benefits. Purchases and sales of securities are recorded on a trade-date basis. The Common/Collective trust funds are valued at net asset value per share (or its equivalent) of the funds, which is based on the fair value of the fund's underlying net assets. There were no unfunded commitments or significant redemption restrictions on the Common/Collective trust funds. The investment in the Company's common stock is valued using the year-end closing price listed by the New York Stock Exchange. Mutual funds are stated at values using quoted market prices for each of the funds. See Note 3, “Fair Value Measurements” for additional disclosures relative to the fair value of the investments held in the Plan.

    Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.

    Benefit Payments - Distributions to participants are recorded by the Plan when payments are made.

    Administrative Expenses - Administrative expenses of the Plan are paid by the Plan.

    Risks and Uncertainties - In general, investment securities are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of investment securities could occur in the near term, and such changes could materially affect the amounts reported in the financial statements.

    3. FAIR VALUE MEASUREMENTS

    Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

    6

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS
    YEARS ENDED DECEMBER 31, 2024 AND 2023

    The Plan estimates the fair value of financial instruments using available market information and generally accepted valuation methodologies. Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are classified into three tiers. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

    In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Plan's assessment of the significance of particular inputs to these fair value measurements require judgment and considers factors specific to each asset or liability.

    Financial assets and liabilities measured at fair value on a recurring basis are as follows. There are currently no items categorized as Level 2 or 3 within the fair value hierarchy.
    Fair Value Measurements at December 31, 2024, Using
    Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
    (Level 3)
    Balance at
    December 31, 2024
    Assets:
         Applied Industrial Technologies, Inc. Stock Fund
    Common Stock$178,077,834 $— $— $178,077,834 
      Mutual Funds606,142,059 — — 606,142,059 
    Total
    $784,219,893 $— $— $784,219,893 
    Investments measured at NAV:
      Common/collective trust funds: Stable value64,119,535 — — 64,119,535 
    Total investments at fair value
    $848,339,428 $— $— $848,339,428 
    7

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. RETIREMENT SAVINGS PLAN

    NOTES TO FINANCIAL STATEMENTS
    YEARS ENDED DECEMBER 31, 2024 AND 2023

    Fair Value Measurements at December 31, 2023, Using
    Quoted Prices in Active Markets for Identical Instruments (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
    (Level 3)
    Balance at
    December 31, 2023
    Assets:
    Applied Industrial Technologies, Inc. Stock Fund
    Common Stock$150,347,949 $— $— $150,347,949 
    Mutual Funds544,820,889 — — 544,820,889 
    Total
    $695,168,838 $— $— $695,168,838 
    Investments measured at NAV:
    Common/collective trust funds: Stable value71,101,682 — — 71,101,682 
    Total investments at fair value
    $766,270,520 $— $— $766,270,520 

    4. SUBSEQUENT EVENTS

    The Plan has evaluated subsequent events for potential recognition and disclosure through June 26, 2025, the date the Plan's financial statements were issued. Effective January 1, 2025, the record keeper and trustee for the assets of the Plan switched from Principal Trust Company ("Principal") to Charles Schwab Trust Bank ("Schwab"). Management has determined that there are no other subsequent events to be reported in the accompanying financial statements.
    8

    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    Employer ID Number: 34-0117420
    Plan Number: 003

    SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024

    (a)(b)(c)(d)(e)
    Identity of Issuer, Borrower,Current
    Lessor or Similar PartyDescription of InvestmentCostValue
    *Applied Industrial Technologies, Inc. Stock:
    Applied Industrial Technologies, Inc.Common Stock**$178,077,834 
    Common/Collective Trust Funds
    Stable Principal Fund
       Vanguard Retirement Savings Trust**64,119,535 
    Fixed Income Funds
    Bond Fund
       Baird Aggregate Bond Institutional FundMutual Fund**8,338,177 
       American Funds Bond Fund of America R6 FundMutual Fund**8,333,177 
       John Hancock Investment Grade Bond R6 FundMutual Fund **8,330,677 
             Total Fixed Income Funds25,002,031 
    Mutual Funds - Equity
    Large Value Stock Fund
       Vanguard Value Index Institutional FundMutual Fund **8,224,235 
       Putnam Large Cap Value R6 FundMutual Fund**6,162,530 
       JP Morgan US Value R6 FundMutual Fund**6,148,155 
    Large Core Stock Fund
       Columbia Large Cap Enhanced Core I3 FundMutual Fund**12,836,435 
       T. Rowe Price U.S. Equity Research FundMutual Fund **12,818,946 
       Vanguard Growth & Income Admiral FundMutual Fund**12,818,946 
       Vanguard Institutional Index Institutional FundMutual Fund**19,820,108 
    Large Growth Stock Fund
       Harbor Capital Appreciation Retirement FundMutual Fund**26,988,125 
       JP Morgan Growth Advantage R6 FundMutual Fund**26,947,259 
       Vanguard Growth Index Institutional FundMutual Fund **27,797,279 
    Mid Cap Value Stock Fund
       John Hancock Disciplined Value Mid Cap R6 FundMutual Fund **2,554,183 
       Vanguard Mid-Cap Value Index Admiral FundMutual Fund**4,269,769 
       MFS Mid Cap Value R6 FundMutual Fund**1,707,054 
    Mid Cap Core Stock Fund
       Vanguard Mid Cap Index Institutional FundMutual Fund**3,066,427 
       Vanguard Strategic Equity Inv FundMutual Fund **1,904,198 
       MFS Blended Research Mid Cap Equity R6 FundMutual Fund **1,145,273 
       Madison Mid Cap R6 FundMutual Fund **767,341 
    9

    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    Employer ID Number: 34-0117420
    Plan Number: 003

    SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024

    (a)(b)(c)(d)(e)
    Identity of Issuer, Borrower,Current
    Lessor or Similar PartyDescription of InvestmentCostValue
    Mid Cap Growth Stock Fund
       T. Rowe Price Instl Mid-Cap Equity Growth FundMutual Fund**10,564,631 
       Fidelity Mid Cap Growth Index FundMutual Fund**11,763,604 
       Legg Mason ClearBridge Select IS FundMutual Fund**3,965,023 
    Small Cap Value Stock Fund
       PIMCO RAE US Small Institutional FundMutual Fund **1,603,415 
       CornerCap Small-Cap Value Institutional FundMutual Fund**1,592,581 
       Applied Finance Explorer Institutional FundMutual Fund**954,145 
    Small Cap Core Stock Fund
       Touchstone Small Company R6 FundMutual Fund **775,590 
       Thrivent Small Cap Stock S FundMutual Fund **773,014 
    Small Cap Growth Stock Fund
       Vanguard Russell 2000 Growth Index Instl FundMutual Fund**9,169,214 
       Putnam Small Cap Growth R6 FundMutual Fund **4,825,313 
    Foreign Stock Fund
       Vanguard Total International Stock Index Institutional FundMutual Fund**11,783,988 
       MFS International Equity R6 FundMutual Fund**9,117,443 
       Nuveen Social Choice International Equity R6 FundMutual Fund**5,215,564 
    Vanguard Growth Index Institutional FundMutual Fund**28,299,500 
    Vanguard Institutional Index Institutional FundMutual Fund**23,445,563 
    Vanguard Mid Cap Index Institutional FundMutual Fund **5,664,145 
    Vanguard Small Cap Index Admiral FundMutual Fund **6,594,105 
    Vanguard Value Index Institutional FundMutual Fund **7,647,777 
    Vanguard Total International Stock Index Institutional FundMutual Fund**4,744,489 
             Total Mutual Funds - Equity324,475,367 
    Retirement-Year Based Funds
    Vanguard Target Retirement Income FundMutual Fund **6,519,834 
    Vanguard Target Retirement 2020 FundMutual Fund **9,914,840 
    Vanguard Target Retirement 2025 FundMutual Fund **28,853,398 
    Vanguard Target Retirement 2030 FundMutual Fund **54,829,705 
    Vanguard Target Retirement 2035 FundMutual Fund**45,494,125 
    Vanguard Target Retirement 2040 FundMutual Fund **25,788,990 
    Vanguard Target Retirement 2045 FundMutual Fund**27,273,734 
    Vanguard Target Retirement 2050 FundMutual Fund **23,253,897 
    Vanguard Target Retirement 2055 FundMutual Fund **16,417,785 
    Vanguard Target Retirement 2060 FundMutual Fund **8,544,665 
    Vanguard Target Retirement 2065 FundMutual Fund **3,609,627 
    Vanguard Target Retirement 2070 FundMutual Fund **517,223 
             Total Retirement-Year Based Funds251,017,823 
    10

    APPLIED INDUSTRIAL TECHNOLOGIES, INC.
    RETIREMENT SAVINGS PLAN

    Employer ID Number: 34-0117420
    Plan Number: 003

    SCHEDULE H LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024

    (a)(b)(c)(d)(e)
    Identity of Issuer, Borrower,Current
    Lessor or Similar PartyDescription of InvestmentCostValue
    Balanced Funds
    Vanguard Wellesley Income Admiral FundMutual Fund **2,119,099 
    T. Rowe Price Spectrum Conservative Allocation FundMutual Fund **1,409,346 
    Hartford Balanced Income R6 FundMutual Fund **2,118,393 
             Total Balanced Funds5,646,838 
    Total Investments848,339,428 
    Notes Receivable From Participants
    *Participant notes receivable (with interest rates ranging from 4.25% to 10.58% and maturity dates ranging from January 2025 to September 2035)-8,547,871 
    Total$856,887,299 
    *Represents a party-in-interest
    **Indicates a participant-directed fund. The cost disclosure is not required.
    11
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      Net Sales of $1.2 Billion Up 1.8% YoY; Down 3.1% on an Organic Daily Basis Net Income of $99.8 Million, or $2.57 Per Share Up 3.7% YoY EBITDA of $144.9 Million Up 6.8% YoY Operating Cash Flow of $122.5 Million; Free Cash Flow of $114.9 Million Up 50% YoY Updating Fiscal 2025 Guidance Announcing Agreement to Acquire IRIS Factory Automation Announcing New 1.5 Million Share Repurchase Authorization Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today reported results for its fiscal 2025 third quarter ended Mar

      5/1/25 6:30:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Applied Industrial Technologies to Report Fiscal Third Quarter Earnings and Conduct Conference Call on May 1, 2025

      Applied Industrial Technologies (NYSE:AIT) today announced it will release its fiscal 2025 third quarter results on Thursday, May 1, 2025, before the market opens. The Company's fiscal 2025 third quarter ended March 31, 2025. The Company will host a conference call at 10 a.m. ET that day to discuss the quarter's results and outlook. A live audio webcast and supplemental presentation can be accessed on our Investor Relations site at https://ir.applied.com. To join by telephone, dial 800-715-9871 (toll free) or 646-307-1963 using conference ID 7270709. Replays of the call will be available via webcast, as well as by telephone for one week by dialing 800-770-2030 (toll free) using conference

      4/11/25 11:21:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary

    $AIT
    Leadership Updates

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    • Applied Industrial Technologies Elects New Board Member

      Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today announced that Richard J. Simoncic has been elected to its Board of Directors. "We are very pleased to welcome Rich to the Applied Board," said Peter C. Wallace, the Company's Chairman. "His experience in global operations, distribution, supply chain management, and manufacturing adds significant knowledge and experience to the Board." Neil A. Schrimsher, President & Chief Executive Officer, added, "We look forward to leveraging Rich's perspectives and expertise as

      8/13/24 4:15:00 PM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Super Micro Computer and Deckers Outdoor Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, March 1, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 18, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed

      3/1/24 6:47:00 PM ET
      $AIT
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      Industrial Specialties
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    $AIT
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    • Applied Industrial Technologies Declares Quarterly Dividend

      Applied Industrial Technologies (NYSE:AIT) announced today that its Board of Directors declared a quarterly cash dividend of $0.46 per common share. The dividend is payable on August 29, 2025, to shareholders of record on August 15, 2025. About Applied® Applied Industrial Technologies is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (maintenance, repair, and operations) and OEM (original equipment manufacturing), and new system install applications in virtually all industrial markets

      6/25/25 6:30:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Applied Industrial Technologies Reports Fiscal 2025 Third Quarter Results; Announces Bolt-on Automation Acquisition & New Repurchase Authorization

      Net Sales of $1.2 Billion Up 1.8% YoY; Down 3.1% on an Organic Daily Basis Net Income of $99.8 Million, or $2.57 Per Share Up 3.7% YoY EBITDA of $144.9 Million Up 6.8% YoY Operating Cash Flow of $122.5 Million; Free Cash Flow of $114.9 Million Up 50% YoY Updating Fiscal 2025 Guidance Announcing Agreement to Acquire IRIS Factory Automation Announcing New 1.5 Million Share Repurchase Authorization Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today reported results for its fiscal 2025 third quarter ended Mar

      5/1/25 6:30:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Applied Industrial Technologies to Report Fiscal Third Quarter Earnings and Conduct Conference Call on May 1, 2025

      Applied Industrial Technologies (NYSE:AIT) today announced it will release its fiscal 2025 third quarter results on Thursday, May 1, 2025, before the market opens. The Company's fiscal 2025 third quarter ended March 31, 2025. The Company will host a conference call at 10 a.m. ET that day to discuss the quarter's results and outlook. A live audio webcast and supplemental presentation can be accessed on our Investor Relations site at https://ir.applied.com. To join by telephone, dial 800-715-9871 (toll free) or 646-307-1963 using conference ID 7270709. Replays of the call will be available via webcast, as well as by telephone for one week by dialing 800-770-2030 (toll free) using conference

      4/11/25 11:21:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary

    $AIT
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    • Director Wallace Peter C was granted 10 shares (SEC Form 4)

      4 - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Issuer)

      7/2/25 3:27:13 PM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Director Wallace Peter C was granted 9 shares (SEC Form 4)

      4 - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Issuer)

      4/2/25 4:15:51 PM ET
      $AIT
      Industrial Specialties
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    • VP-Sales & Marketing-USSC Vasquez Jason W sold $1,110,260 worth of shares (4,475 units at $248.10), decreasing direct ownership by 17% to 21,697 units (SEC Form 4)

      4 - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Issuer)

      2/26/25 4:17:57 PM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary

    $AIT
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    • Applied Industrial upgraded by BofA Securities with a new price target

      BofA Securities upgraded Applied Industrial from Neutral to Buy and set a new price target of $315.00 from $285.00 previously

      11/26/24 7:18:49 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Mizuho initiated coverage on Applied Industrial with a new price target

      Mizuho initiated coverage of Applied Industrial with a rating of Outperform and set a new price target of $285.00

      10/22/24 6:09:49 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • BofA Securities initiated coverage on Applied Industrial with a new price target

      BofA Securities initiated coverage of Applied Industrial with a rating of Neutral and set a new price target of $232.00

      10/7/24 7:24:58 AM ET
      $AIT
      Industrial Specialties
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    $AIT
    SEC Filings

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    • SEC Form 11-K filed by Applied Industrial Technologies Inc.

      11-K - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Filer)

      6/26/25 10:26:26 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • SEC Form SD filed by Applied Industrial Technologies Inc.

      SD - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Filer)

      5/30/25 10:40:25 AM ET
      $AIT
      Industrial Specialties
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    • SEC Form 10-Q filed by Applied Industrial Technologies Inc.

      10-Q - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Filer)

      5/1/25 4:13:43 PM ET
      $AIT
      Industrial Specialties
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    $AIT
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Applied Industrial Technologies Inc.

      SC 13G/A - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/12/24 1:22:28 PM ET
      $AIT
      Industrial Specialties
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    • SEC Form SC 13G filed by Applied Industrial Technologies Inc.

      SC 13G - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/12/24 9:50:12 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • SEC Form SC 13G filed by Applied Industrial Technologies Inc.

      SC 13G - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/4/24 10:56:06 AM ET
      $AIT
      Industrial Specialties
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